Hey everyone,
Looking to transfer my investment accounts (RESP & RRSP) from another wealth management company to OneVest through Neo but everyone seems to be dragging their feet..
I’ve chatted with and called Neo, and am apparently now waiting for OneVest to “answer me directly via email,” but it’s been days since my last chat with Neo and I have yet to hear from OneVest.
I’d really like to get this dealt with as I have an out-of-country trip next month and would really like to get these loose ends tied up before then !
Does anyone have any experience with transferring over investment accounts to Neo that can share some insight ?
Thanks in advance for any and all help with this. I truly appreciate it !
Hey there,
Thanks so much for your patience while we get this sorted out. We sent you an email on Monday about your investment account transfer. If you haven’t seen it, could you check your inbox and maybe your spam or junk folder too? Once you reply to that email, we’ll be able to get things moving for you.
If you still can’t find it or have any other questions, just let us know here and we’ll help out!
Thanks for taking the time to respond @MapleGrooveFinancial. I appreciate it ! I have opened the Invest accounts through Neo, and have attempted to request transfers but between a very snarky Neo “specialist” telling me it had to come from my current institution (called them, they confirmed it is indeed the NEW institution that has to request a transfer, not the relinquishing one), and chats with other “specialists” that pushed it off on OneVest to contact me, it’s gone absolutely nowhere.
Hi @Yeni-Neo,
Thanks for responding. I’ve checked through my entire email account (inbox, trash, spam, etc.) and there is absolutely no email anywhere from anyone at either Neo or OneVest.
If you could please resend it, that would be greatly appreciated.
For your own understanding and anyone reading this. As a rule of thumb, the receiving institution submits transfers to the delivering institution. It does, however, not prevent one from also contacting the delivering institution to ask where to send transfers and submitting the transfer oneself. I would not encourage this, as it can add a layer of confusion; it is more of a last resort.
Your post has helped squeak the wheel a bit. I hope it works out. Be forewarned that most transfers go through an electronic system and take 1 to 5 days. However, sometimes files are manually shuffled, and delivering institutions have up to 30 days to complete the process.
Disclaimer: This is purely to help educate everyone around how the system works.
Why am I telling you this? RESPs are complex products for investors and back offices. They have to track contributions, withdrawals, and grant accumulation, and ensure compliance with RESP tracking requirements to ensure government rules are being followed. Most of the time, back offices track this in a spreadsheet and pass it over to the receiving institution. This sharing can cause delays, and they sometimes need clarification on the tracking calculations.
I would prepare for the worst and hope for the best. A quick Chat GPT question: “How do I access my home computer while away safely?” It might be a good thing to set up so you can still handle your affairs if truly necessary.
I moved ~$50k from Scotia to Neo Invest about a year ago. I started the transfer from Neo, into my Everyday account, then to Neo Invest. The EFT took 5 days IIRC. The first transfer to Neo Invest took longer, I think 7 days. Subsequent transfers, I send $2k / month, are much faster. It takes 1-2 days to show up in Neo Invest.
One fun fact — when you withdraw from Neo Invest, it takes about 5 days but the portfolio continues to grow until the second it becomes available in your Neo Everyday.
While we’re on the topic, I would love it if Neo put the Neo Invest dashboard back onto desktop. So weird I have to check my portfolio on my phone.
I appreciate you writing this, as it causes room for pause. When we talk about transfers, we should understand the difference between moving money between banks, withdrawing and depositing, and transferring between investment accounts, as well as whether the money is in a registered or non-registered account. These are two very different things, and they are separate systems. One is regulated under federal law, while the other is regulated under provincial law.
Also, a key point understand is that registered and non-registered money are two different things and have two distinct processes. The government doesn’t allow you to quickly transfer registered money from an RESP, RDSP, RRSP, LIRA, RIF, LIF, IPP, etc. It is not as simple as withdrawing and then depositing at the other institution. Transfers must be submitted between the institutions, and this can sometimes take up to 30 days. In many cases, it is five, but through experience, I never count my cows until they come home.
Thank you so much for this response @MapleGrooveFinancial. I appreciate you taking the time to confirm that it is indeed the receiving institution that submits the transfer request. I started to feel as if I was crazy when the snarky lady was giving me a hard time about Neo not being the ones to request the transfer.
I have zero issue with being the squeaky wheel . 1-5 days would not be an issue at all, as that’s still lots of time before my departure. Good to know about the delivering institution having 30 days to complete the process as well.
I will definitely be preparing for the worst, while simultaneously hoping for the best.
Thank you, again, for your detailed response. It is so appreciated !
Thank you so much for sharing your experience with me. It’s great to hear from other Neo users who have transferred their investments over and how that went for them.
Great to know that the portfolio continues to grow while money is moving into the Neo Everyday account, that’s a great feature.
And I couldn’t agree more about the Neo Invest being unavailable on a lap, or desktop ! Super inconvenient that we can do most of our banking on our computers, but not all.
You are very welcome and if things do not get moving for you within reason as employees are inundated these days, reach out and I can help guide you further.
No sweat! I am actually a huge fan of Neo Invest, it gets great returns and the UI makes total sense. Pretty much identical results as my WS, to be honest, but it’s nicely integrated with rest of my money rather than living on an island.
That’s great. So far (aside from a crappy call-in, and a chat that was super unhelpful), I am quite happy with Neo. Their interest on their accounts is higher than my previous bank, and I love the cashback on the Everyday account. Great to know the Invest has great returns, even comparatively to WS. I’ll also be happy to have all of my accounts integrated under one institution instead of having 1 account here, another there, etc. etc.
Thanks again for sharing your insights & experience(s) !
Well, I’m unfortunately back again as nothing has really changed with my situation except that I’m now less than a week away from leaving the country & still do not have my funds in my Neo invest accounts.
Someone from OneVest informed me that my RRSP had been requested to be transferred, and was in progress two weeks ago, but zero update and the funds are not visible in my account.
The same person from OneVest also asked for someone to contact me from Neo in regard to a RESP account but I have yet to be contacted.
If someone could PLEASE contact me about this situation as soon as possible, it would be truly appreciated !
. 1-5 days would not be an issue at all, as that’s still lots of time before my departure. Good to know about the delivering institution having 30 days to complete the process as well.